Spot rubber hits Rs 120 a kg again
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Spot rubber bounced back on Wednesday. RSS 4 moved up to Rs 120 from Rs 118.50 a kg ridden by firm international markets. Certain major manufacturers were also buyers on sheet rubber at the quoted rates, sources confirmed. Technically, a break above this level is expected to trigger yet another sharp bull run. The market might have reached higher targets during these most bullish days if the domestic futures would not have been suspended, an observer said.
Unimpressive volume
The volumes were not so impressive lacking quantity sellers in the main marketing centres. RSS 3 (spot) rose sharply to Rs 127.04 (124.58) a kg at Bangkok. Its May contract improved to ¥316.2 (Rs 127.56) from ¥314.4 a kg and June to ¥316.1 (Rs 127.55) from ¥314.6 a kg at TOCOM. Spot prices were (Rs/kg): RSS-4: 120 (118.50); RSS-5: 118 (116); ungraded: 115 (114.50); ISNR 20: 116.50 (114.50) and latex 60 per cent: 82.50 (81.50).
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Source : Business Line |
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